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Chinese central bank extends currency swap arrangement with ECB

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Chinese central bank extends currency swap arrangement with ECB

The People'sBank of China and the European Central Bank agreed to extend their bilateralcurrency swap arrangement for another three years.

The arrangement will be extended with the same conditionsand parameters as before, with a maximum size of 350 billion yuan and €45billion, according to a Sept. 27 release.

The two central banks established the bilateral currencyswap arrangement in October 2013.

As of Sept. 27, US$1was equivalent to 6.67 Chinese yuan.